Netflix Is Buying Warner Bros. Discovery for $83 Billion

Netflix entered the competition to acquire Warner Bros. Discovery relatively late, in late October, but ultimately won out over bids from Comcast (owner of Universal Pictures) and Paramount (led by David Ellison with significant financial support from his father, Oracle CEO Larry Ellison). The deal, which surprised Hollywood with how quickly it happened and its massive scale – valuing Warner Bros. Discovery at $72 billion, considerably more than its current market value of $60 billion – marks Netflix’s largest acquisition ever. Importantly, Warner Bros. Discovery’s traditional focus on releasing movies in theaters clashes with Netflix’s core business as a streaming service.




